Mr. Patrick Evans reports

MAYFAIR GOLD INCREASES PRIVATE PLACEMENT FINANCING

Mayfair Gold Corp.'s previously announced non-brokered private placement financing of common shares has been increased from $5-million to $6.05-million due to strong demand.

The Company announced on October 10, 2023, that it had arranged a non-brokered private placement financing of 2,381,000 common shares (the "Shares") at a price per Share of $2.10 for gross proceeds of approximately $5 million, and a concurrent non-brokered private placement financing of 2,040,000 common shares on a flow-through basis (the "FT Shares") at a price per FT Share of $2.94 (together the "Offering") for gross proceeds of approximately $6 million.

Under the increased Offering, the Company will issue 2,881,000 Shares at a price per Share of $2.10 for gross proceeds of approximately $6.05 million. The aggregate gross proceeds of the Offering are expected to be approximately $12.05 million.

Proceeds of the Offering will be used to further exploration, and metallurgical and engineering studies at the Fenn-Gib gold project in the Timmins region of Ontario. A portion of net proceeds of the Share issuance will be reserved for working capital.

Shares issued under the Offering will be subject to a four-month hold period. The Offering is expected to close on or about November 2, 2023, and is subject to customary closing conditions, including TSX Venture Exchange acceptance.

About Mayfair

Mayfair Gold is a Canadian mineral exploration company focused on advancing the 100% controlled Fenn-Gib gold project in the Timmins region of Northern Ontario. The Fenn-Gib gold deposit is Mayfair's flagship asset and currently hosts an updated NI 43-101 resource estimate with an effective date of April 6, 2023 with a total Indicated Resource of 113.69M tonnes containing 3.38M ounces at a grade of 0.93 g/t Au and an Inferred Resource of 5.72M tonnes containing 0.16M ounces at a grade of 0.85 g/t Au at a 0.40 g/t Au cut-off grade (Source: Tim Maunula, P. Geo., of T. Maunula & Associates Consulting Inc., who is deemed a qualified person as defined by NI 43-101). The Fenn-Gib deposit has a strike length of over 1.5km with widths ranging over 500m. The gold mineralized zones remain open at depth and along strike to the east and west. Recently completed metallurgical tests confirm that the Fenn-Gib deposit can deliver robust gold recoveries of up to 94%.

We seek Safe Harbor.